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Economics Past Questions and Answers

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Economics Questions

Question 1276:

The major source of Nigeria's foreign exchange is the export of?

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A Skilled manpower
B Palm kernel and cocoa
C Crude oil
D Groundnuts and cotton

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Question 1277:

The most important goal of OPEC is to?

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A Present a united front for the purpose of raising the price of crude oil
B Bring unity among the petroleum exporting states
C Ensuring political stability among member states
D Ensure that rules on quota producion are strictly followed

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Question 1278:

the Central Bank's expansionary monetary policy is justified at a period?

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A When the inflation rate is high and the economic is experiencing a boom
B Of economic depression accompanied by low capacity utilization
C When trade unions are clamouring for higher wages
D When price of crude petroleum is rising

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Question 1279:

The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?

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A Ban on importation of foreign goods
B Population upsurge
C The introduction of value-added tax
D Increase in transport costs

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Question 1280:

The best method to curb inflation in Nigeria is to

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A Reduce importation of commodities
B Increase the general level of production
C Reduce the volume ofmoney supply
D Set up price control boards

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